Has anyone ever BK'd with a Suzuki (or Kawasaki, Yamaha, etc.) card?

[Dirk Squarejaw]

I'm currently contemplating filing BK and I'm still about a month away from seeing a lawyer for various reasons. However, a buddy of mine is also getting divorced and guess what.......he's also headed toward BK. I've done a ton of research but he has a motorcycle and although I was able to point him toward answers for exemptions, etc. and relayed some examples to him from this board for various situations, I don't know how one thing would be handled.

He has a motorcycle that he bought and has been paying on for about 8 months. If any of you ride you know they depreciate as fast if not faster than most cars. He got it on one of those special financing deals where you put the motorcycle on a "credit card". Its a Suzuki and the card offers a 8.9% initial rate for 24 months and then the rate is jacked up to 13.9% for the remainder of the loan.

I don't know much about it as the bike I have is long since paid off and had a conventional loan when I did owe on it. I told him mine can be covered by my wildcard, but with his being upside down and on a credit card, I don't know how it would be handled.

1. Are these cards considered a "secured debt" or "non-secured"?

2. Could it be reaffirmed?

3. Would the trustee be interested in taking the bike for any reason even if it is upside down?

[mxmom141]

We filed for BK back in August and had our 341 meeting in September. We are reaffirming one of our cars and giving the other one back. We also have a Yamaha card that has two motorcycles on it. We were concerned about how to be able to keep the dirt bikes since our son races motocross and needs to have both bike. It might sound extravagant to most people but this is something that he has been doing since he was since (he is now 10) and this is something we do pretty much every weekend. We were worried that when we attended the 341 meeting that the trustee would question the reaffirmation of the dirt bikes and she didn't even ask at all. We have already signed the reaffirmation agreement with Yamaha and we are able to keep both the bikes with out any questions asked. I am not sure if it is a case by case basis or not but it might not be a problem for your buddy. It wasn't for us!

Mxmom141
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Filed 8/3/07
341 Meeting 9/12/07
Just waiting in the 60 day club!!!